ELI, a company incorporated in Netherland, and co-managed by Griffin Real Estate, finalized the acquisition of a portfolio of nine operating logistics parks developed by Panattoni Europe. The value of the deal is around €200m. The properties compromise a total GLA of over 300,000m² and located in main Poland’s logistics centres: Warsaw, Lodz, Cracow, Silesia, Pomerania and Posnania Regions. The acquisition will be partially financed by long-term €100m bank loan provided by ING Bank Śląski SA.
At the same time, Panattoni Europe jointly with ELI plans to invest c. €800m to enlarge the newly acquired portfolio into a leading Polish logistic platform. GRE and Panattoni will co-manage the new venture going onwards.
“We are proud to get the opportunity to work together with such a renowned real estate investor and manager as Griffin Real Estate as well as with Redefine, the largest South African REIT,” said Robert Dobrzycki, CEO at Panattoni Europe. “I’m sure we can supplement each other with unique professional expertise.”
“Griffin, after establishing a number of platforms operating in various real estate sectors, has been monitoring since few months the logistics property market and its strong market fundamentals and large demand for logistics space,” said Maciej Dyjas, a managing partner at GRE. “Seeing its potential, we decided to create a new investment platform, inviting Redefine Properties SA to take part in the venture.”
“Poland’s logistics market has been performing very well over the past years, and the prospects for the sector remain bright, mainly due to Poland’s central location and size, improving transport infrastructure and the strong economic performance”, said Nebil Senman, a managing partner at GRE. “With Panattoni we found the right partner to capitalize from the development and investment opportunities offered by the sector.”